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S.A.L. Steel Limited (SALSTEEL)

📊 NSE: SALSTEEL 🏢 Steel - Sponge Iron 📅 Last Updated: 12/14/2025 12:34

📢 Recent Corporate Announcements

SAL Steel Schedules 23rd AGM for September 25, 2026; E-Voting from September 22

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 04:03 PM

S.A.L. Steel Limited has issued the notice for its 23rd Annual General Meeting (AGM) scheduled for Friday, September 25, 2026, at 12:30 PM IST via Video Conferencing. The cut-off date for determining voting rights is September 18, 2026, with remote e-voting open from September 22 to September 24, 2026. Key agenda items include adoption of FY26 financial statements, reappointment of director Mahesh Kumar Agarwal, and regularizing the appointment of Monika Goyal as an Independent Woman Director for a 5-year term.

23rd Annual General Meeting scheduled for September 25, 2026, at 12:30 PM IST via VC/OAVM
Cut-off date for voting eligibility set as September 18, 2026
Remote e-voting window runs from September 22, 2026 (09:00 AM) to September 24, 2026 (05:00 PM)
Proposed regularization of Mrs. Monika Goyal as Non-Executive Independent Woman Director for 5 years from August 14, 2026

💡 Track shareholder voting outcomes post-AGM on September 25, 2026, along with broader corporate restructuring progress regarding the open offer from Sree Metaliks Limited.

5-Year Appointment of Mrs. Monika Goyal as Independent Woman Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 02:29 PM

S.A.L. Steel Limited has appointed Mrs. Monika Goyal as an Additional Non-Executive Independent Woman Director for a five-year term starting August 14, 2026. Mrs. Goyal is a Fellow Company Secretary and law graduate with 12 years of experience in corporate law and regulatory compliance. This appointment comes as the company navigates a significant corporate restructuring involving an open offer by Sree Metaliks Limited for 26% of the expanded share capital. The move ensures board diversity and strengthens governance oversight during a period of high financial leverage (Debt/Equity of 2.37).

Appointment of Mrs. Monika Goyal for a 5-year term effective August 14, 2026
Appointee brings 12 years of professional experience in Companies Act, FEMA, and corporate governance
Company is currently subject to an open offer for 3,76,39,342 equity shares at ₹25 per share
Financial context shows a high Debt/Equity ratio of 2.37 with total debt of ₹349 Cr
Net Profit Ratio declined significantly by 1550% to -1.18% in the most recent reported fiscal period

💡 Investors should monitor the progress of the open offer by Sree Metaliks Limited and any subsequent changes to the board or operational strategy following the change in control.

SALSTEEL Reports Rs 3.09 Cr Q1 Profit, Turnaround from Rs 9.67 Cr Loss YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 12:50 PM

S.A.L. Steel Limited reported a net profit of Rs 3.09 Cr for the quarter ended June 30, 2026, marking a significant turnaround from a net loss of Rs 9.67 Cr in the same period last year. This profitability comes despite a 31.5% YoY decline in revenue from operations, which fell to Rs 87.37 Cr. The turnaround was driven by a sharp 41% reduction in total expenses, particularly in raw material costs which dropped from Rs 105.72 Cr to Rs 65.86 Cr. The company continues to carry a high debt of Rs 349 Cr, with finance costs rising to Rs 6.25 Cr this quarter.

Net Profit of Rs 3.09 Cr in Q1 FY27 compared to a loss of Rs 9.67 Cr in Q1 FY26.
Revenue from operations declined 31.5% YoY to Rs 87.37 Cr from Rs 127.55 Cr.
Total expenses reduced significantly by 41% to Rs 82.84 Cr from Rs 140.62 Cr YoY.
Finance costs increased by 26.7% YoY to Rs 6.25 Cr.
Appointment of Mrs. Monika Goyal as an Independent Woman Director for a 5-year term.

💡 Monitor the upcoming AGM on September 25, 2026, for clarity on the ongoing Open Offer by Sree Metaliks Limited and the sustainability of the current cost-reduction measures.

SALSTEEL Q1 Results: Net Profit of ₹2.09 Cr vs Loss; Revenue Declines 31.5% YoY to ₹87.37 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 12:44 PM

S.A.L. Steel Limited (SALSTEEL) reported a turnaround in Q1 FY27, posting a net profit of ₹2.09 Cr compared to a net loss of ₹0.67 Cr in the same quarter last year. This profitability was achieved despite a 31.5% decline in revenue from operations, which fell to ₹87.37 Cr from ₹127.55 Cr YoY, primarily due to a sharp reduction in material costs. The company continues to operate under high leverage with a debt-to-equity ratio of 2.37 and a total debt of ₹349 Cr. Additionally, the board appointed Mrs. Monika Goyal as an Independent Woman Director for a five-year term.

Net profit turned positive at ₹2.09 Cr for the quarter ended June 30, 2026, vs a loss of ₹0.67 Cr in Q1 FY26.
Revenue from operations decreased by 31.5% YoY to ₹87.37 Cr from ₹127.55 Cr.
Cost of materials consumed dropped significantly to ₹65.86 Cr from ₹105.72 Cr in the previous year's quarter.
Finance costs rose to ₹6.25 Cr, up from ₹4.93 Cr in the corresponding quarter of the previous year.
Appointment of Mrs. Monika Goyal as Additional Independent Director for a 5-year term effective August 14, 2026.

💡 Investors should monitor the company's ability to maintain profitability amidst volatile sponge iron prices and track the progress of the Open Offer by Sree Metaliks Limited at ₹25 per share.

SAL Steel Submits Quarterly Share Dematerialization Certificate for June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 02:47 PM

SAL Steel Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the company's Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, confirms that share dematerialization and rematerialization requests for the quarter ended June 30, 2026, have been processed. This is a standard administrative filing required for all listed companies to ensure the accuracy of electronic shareholding records. There are no financial implications or operational changes reported in this document.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation provided by Registrar and Share Transfer Agent, KFin Technologies Limited
Filing submitted to BSE and NSE on July 07, 2026
Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 confirmed

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for actual business performance updates.

35-year industry veteran Anil Kumar Singh appointed as CFO effective July 01, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Jul 2026, 02:46 PM

S.A.L. Steel Limited has appointed Shri Anil Kumar Singh as its Chief Financial Officer (CFO), effective July 01, 2026. Singh, currently a Whole-Time Director, brings over 35 years of experience and previously served as President of Sree Metaliks Limited, the entity currently pursuing a 26% stake in the company via an open offer. This appointment is critical as the company navigates a high debt-to-equity ratio of 2.37 and a recent net profit ratio decline to -1.18%.

Appointment of Shri Anil Kumar Singh as CFO and Key Managerial Personnel effective July 01, 2026
Appointee brings over 35 years of executive experience across Steel, Automobile, and Textile industries
Singh previously held leadership roles including President of Sree Metaliks Limited and COO of Tembo Steels (U) Limited
The appointment coincides with an open offer by Sree Metaliks Limited for 26% of expanded share capital at Rs 25 per share
Company is managing a significant debt load of Rs 349 Cr against a net worth of Rs 147 Cr

💡 Monitor the progress of the open offer by Sree Metaliks Limited and observe if the new CFO can address the liquidity risk involving Rs 12.25 Cr of short-term funds used for long-term purposes.

SAL Steel Appoints Anil Kumar Singh as CFO Effective July 01, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Jul 2026, 02:29 PM

S.A.L. Steel Limited has appointed Shri Anil Kumar Singh as its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective July 01, 2026. Singh, an existing Whole-Time Director, brings over 35 years of experience in the steel, automobile, and textile sectors, including a prior leadership role at Sree Metaliks Limited. This appointment is significant as the company navigates a major restructuring via an Open Offer by Sree Metaliks for a 26% stake and attempts to stabilize a net profit ratio that fell by 1550% in FY 2024-25.

Appointment of Shri Anil Kumar Singh as CFO effective July 01, 2026
Singh brings over 35 years of executive experience, including a tenure as President of Sree Metaliks Limited
Company is undergoing an Open Offer for 3,76,39,342 equity shares (26% stake) at INR 25 per share
Financials show a high Debt-to-Equity ratio of 2.37 and a net profit ratio decline of 1550% in FY 2024-25
Company faces liquidity risks with INR 12.25 Cr of short-term funds used for long-term purposes

💡 Investors should monitor the new CFO's strategy for debt management and liquidity improvement, alongside the execution timeline of the Open Offer by Sree Metaliks Limited.

SAL Steel Clarifies Lack of MD/CEO; Chairman Signed FY25 Audit Impact Statement

🔵 WATCH ⭐ 4/10

REGULATORY 📅 25 Jun 2026, 07:53 PM

S.A.L. Steel Limited has responded to a clarification sought by the National Stock Exchange regarding its FY25 financial results. The company revealed that it currently does not have an appointed Managing Director or CEO, which is why the Chairman signed the Statement of Impact of Audit Qualification. Furthermore, the company clarified that its CFO, Mr. Babulal M. Singhal, also holds the position of Whole Time Director. This disclosure highlights a significant vacancy in the company's top executive leadership.

Company confirmed it has no appointed CEO or Managing Director on the Board of Directors.
Chairman signed the Statement of Impact of Audit Qualification for the year ended March 31, 2025, in the absence of an MD/CEO.
Mr. Babulal M. Singhal serves a dual role as both Chief Financial Officer and Whole Time Director.
The clarification follows an NSE query dated July 1, 2025, regarding non-standard signature formats in financial filings.
The company has offered to submit a revised Statement of Impact if required by the exchange.

💡 Investors should monitor the company for future appointments to the MD/CEO positions to ensure stable corporate governance. Additionally, the existence of an 'Audit Qualification' mentioned in the filing suggests investors should carefully review the specific notes in the FY25 annual report.

SAL Steel to Close Trading Window from July 1, 2026 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jun 2026, 10:58 AM

S.A.L. Steel Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This standard regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q1 financial results ending June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared to the exchanges. The specific date for the board meeting to approve these results will be notified separately.

Trading window closure effective from July 01, 2026.
Closure pertains to the financial results for the 1st quarter ending June 30, 2026.
Restriction applies to all Directors, Connected Persons, and Designated Persons.
Window to reopen 48 hours after the announcement of the financial results.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should wait for the Q1 results announcement to assess company performance.

SAL Steel Submits Newspaper Ads for Q4 and FY26 Audited Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 May 2026, 12:04 PM

S.A.L. Steel Limited has submitted newspaper advertisements for its audited standalone financial results for the quarter and year ended March 31, 2026. The advertisements were published in 'The Indian Express' and 'Financial Express' on May 30, 2026, in accordance with SEBI Regulation 47. This filing confirms the company's adherence to transparency and disclosure norms. Investors should look for the detailed financial results filing for specific revenue and profit figures.

Submission of newspaper advertisements for audited standalone financial results for Q4 and FY26.
Advertisements published in 'The Indian Express' (English) and 'Financial Express' (Gujarati) on May 30, 2026.
Compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 This is a routine regulatory filing with no direct impact on stock valuation. Investors should evaluate the company based on the actual audited financial results released for the fiscal year 2026.

SAL Steel Submits Newspaper Advertisements for Q4 FY2026 Audited Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 May 2026, 11:10 AM

S.A.L. Steel Limited has filed a regulatory update confirming the publication of its audited standalone financial results for the quarter and year ended March 31, 2026, in newspapers. The advertisements were published on May 30, 2026, in 'The Indian Express' (English) and 'Financial Express' (Gujarati). This filing is a standard compliance procedure under Regulation 47 of the SEBI (LODR) Regulations, 2015. While the filing itself contains no financial data, it confirms that the audited results have been made public.

Compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Publication of Audited Standalone Financial Results for the quarter ended March 31, 2026.
Advertisements released in 'The Indian Express' and 'Financial Express' on May 30, 2026.
The filing serves as a formal record of public disclosure for the company's year-end performance.

💡 This is a routine administrative disclosure. Investors should review the actual financial statements for Q4 FY2026 to assess the company's operational performance.

SAL Steel Appoints M/s. Ashish Bhavsar & Associates as Cost Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 May 2026, 07:54 PM

S.A.L. Steel Limited has officially appointed M/s. Ashish Bhavsar & Associates as the company's Cost Auditor for the financial year 2026-27. The appointment was approved by the Board of Directors on May 29, 2026, following a recommendation from the Audit Committee. This is a standard regulatory requirement under Section 148 of the Companies Act, 2013, and the appointment is now subject to final approval by shareholders at the upcoming General Meeting.

Appointment of M/s. Ashish Bhavsar & Associates (Firm Registration No. 000387) as Cost Auditor.
The mandate covers the financial year 2026-27.
Board approval was finalized on May 29, 2026, based on Audit Committee recommendations.
The appointment requires ratification by shareholders in the next General Meeting.
The auditor is an Ahmedabad-based firm with expertise in costing systems and internal audits.

💡 No immediate action is required as this is a routine regulatory compliance update. Investors should look for shareholder meeting notices to confirm the ratification.

SAL Steel Appoints M/s. Ashish Bhavsar & Associates as Cost Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 May 2026, 07:36 PM

S.A.L. Steel Limited has appointed M/s. Ashish Bhavsar & Associates as the company's Cost Auditor for the financial year 2026-27. The decision was approved by the Board of Directors on May 29, 2026, following a recommendation from the Audit Committee. This appointment is made in compliance with Section 148 of the Companies Act, 2013. The final appointment remains subject to the approval of shareholders at the company's upcoming General Meeting.

Appointment of M/s. Ashish Bhavsar & Associates (Firm Registration No. 000387) as Cost Auditor.
The appointment is effective for the financial year 2026-27.
Board approval was granted on May 29, 2026, based on Audit Committee recommendations.
The appointment is subject to ratification by members at the ensuing General Meeting.

💡 No immediate action is required as this is a routine regulatory appointment to ensure statutory compliance with costing standards.

SAL Steel Appoints M/s NRPS & Associates LLP as Internal Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 May 2026, 07:25 PM

S.A.L. Steel Limited has officially appointed M/s NRPS & Associates LLP, Chartered Accountants, as the company's Internal Auditor for the financial year 2026-27. The appointment was made on May 29, 2026, following a recommendation from the Audit Committee and approval by the Board of Directors. This move ensures compliance with Section 138 of the Companies Act, 2013. The appointed firm is based in Ahmedabad and specializes in internal financial control reviews and statutory audits.

Appointment of M/s NRPS & Associates LLP (Firm Registration No. W100657) as Internal Auditor.
The appointment is effective from May 29, 2026, for the 2026-27 financial year.
Complies with Section 138 of the Companies Act, 2013 and Rule 13 of the Companies (Accounts) Rules, 2014.
The firm brings expertise in Internal Audit, Statutory Audit, and Direct & Indirect Taxation.

💡 No immediate action is required as this is a routine regulatory appointment. Investors should view this as a standard step in maintaining corporate governance and internal oversight.

SAL Steel Limited Announces Change in Registered Office Address Within Ahmedabad

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 May 2026, 07:10 PM

S.A.L. Steel Limited has officially shifted its registered office within the city of Ahmedabad. The move relocates the office from Ashram Road to a new location in Bodakdev. This change was approved by the Board of Directors and is conducted within the local limits of the same city. As a routine administrative update, it does not affect the company's core operations or financial performance.

Registered office moved from Ashram Road, Ahmedabad-380009 to Bodakdev, Ahmedabad-380059
New address is 604, Zion Z1, Near Avalon Hotel, Sindhubhawan Road
Change is within the local limits of Ahmedabad city
Intimation filed under Regulation 30 of SEBI (LODR) Regulations, 2015

💡 This is a routine administrative matter with no impact on the company's fundamentals. No action is required from investors.

View All SALSTEEL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue is derived from Sponge Iron, Ferro alloys, and Power. While specific segment growth percentages are not disclosed, the Net Capital Turnover Ratio improved by 35% YoY, rising from 14.33% to 19.34%.

Profitability Margins

The Net Profit Ratio experienced a substantial decline of 1550%, falling from 0.08% in the previous year to -1.18% in FY 2024-25. Return on Equity (ROE) also dropped by 1516%, from 1.12% to -15.91%.

EBITDA Margin

Core profitability as measured by Return on Capital Employed (ROCE) decreased by 46% YoY, falling from 8.04% to 4.33%.

Capital Expenditure

The company reported a potential impairment of Capital Work in Progress (CWIP) amounting to INR 1.01 Cr (Rs 100.94 lakhs) which was not recognized in the financial statements for the year ended March 31, 2025.

Credit Rating & Borrowing

The Debt-Equity Ratio increased by 54% YoY to 4.58%, up from 2.97%, driven by losses and increased working capital borrowing. The company has sanctioned working capital limits exceeding INR 5 Cr from banks.

⚙️ Operational Drivers

Raw Materials

Sponge Iron is a primary raw material and product. The company specifically monitors sponge iron price trends to manage purchase planning and ensure profitability.

Raw Material Costs

Inventory turnover ratio decreased by 27% YoY to 6.03%, indicating slower movement of materials. The company uses an Enterprise Resource Planning (ERP) system to monitor price trends and plan procurement.

Manufacturing Efficiency

Manufacturing efficiency is impacted by inventory management, with the inventory turnover ratio declining from 8.26% to 6.03%.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is currently centered on a major corporate restructuring via an Open Offer by Sree Metaliks Limited to acquire up to 3,76,39,342 equity shares (26% of expanded share capital) at INR 25 per share. Operationally, the company focuses on price-trend-based procurement and maintaining internal financial controls.

Products & Services

Sponge Iron, Ferro alloys, and Power.

Brand Portfolio

SALSTEEL

Strategic Alliances

The company is the target of an acquisition/open offer by Sree Metaliks Limited (Acquirer) for a 26% stake valued at approximately INR 94.10 Cr.

🌍 External Factors

Industry Trends

The steel industry is currently facing price volatility in raw materials like sponge iron. The company is positioning itself for a change in control through the open offer by Sree Metaliks Limited.

Competitive Landscape

Key competitors include other regional sponge iron and ferro alloy producers; market dynamics are currently influenced by the acquisition interest from Sree Metaliks Limited.

Competitive Moat

The company maintains an integrated power generation capability alongside its sponge iron and ferro alloy production, providing some utility cost advantages.

Macro Economic Sensitivity

The business is highly sensitive to steel industry cycles and sponge iron price volatility.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with Ind AS accounting standards; however, it was noted for non-compliance with segment reporting requirements under Ind AS 108.

Taxation Policy Impact

The company has pending cases with multiple tax authorities including Service tax, VAT, Income Tax, Excise, and Customs.

Legal Contingencies

Pending litigations exist with Service tax, VAT, Income Tax, Excise, and Customs authorities. Additionally, the company used short-term funds of INR 12.25 Cr for long-term purposes, which was flagged in the auditor's report.

⚠️ Risk Analysis

Key Uncertainties

Significant risks include the 1550% decrease in net profit, the potential INR 1.01 Cr hit from CWIP impairment, and the diversion of INR 12.25 Cr in short-term funds for long-term use.